The number of newly built single-family homes on the United States market shrank to 297,000 units in April, thinning supplies to their lowest level since May 2001, according to government figures released this month.
The report noted that the pace of new-home sales held virtually even with the previous month, at a seasonally adjusted annual rate of 352,000 units.
Sales of newly built, single-family homes recorded a marginal 0.3 percent gain to 352,000 units in April from a downwardly revised pace in March. Meanwhile, the inventory of new homes for sale declined 4.2 percent to 297,000 units, which is a 10.1-month supply at the current sales pace.
Regionally, the pace of new home sales was mixed in April. No change was recorded in the Northeast or Midwest, while the South posted a nearly 2 percent increase and the West a 3.8 percent decline.